Wuliangye (000858) Q3 2025 earnings summary

Executive summary

• Q3 2025 operating revenue was RMB 8.17 billion, down 52.66% year-over-year due to deep industry adjustment and weak demand recovery.

• Net profit attributable to shareholders for Q3 2025 was RMB 2.02 billion, a 65.62% decrease year-over-year.

• For the first nine months of 2025, operating revenue was RMB 60.95 billion, down 10.26% year-over-year; net profit attributable to shareholders was RMB 21.51 billion, down 13.72%.

Financial highlights

• Basic and diluted EPS for Q3 2025 were RMB 0.520, down 65.63% year-over-year.

• Weighted average return on equity for Q3 2025 was 1.43%, down 2.97 percentage points year-over-year.

• Total assets as of September 30, 2025, were RMB 181.07 billion, a 3.81% decrease from December 31, 2024.

• Equity attributable to shareholders increased 6.91% to RMB 142.50 billion.

• Net cash generated from operating activities for Q1-Q3 2025 was RMB 28.25 billion, down 5.19% year-over-year.

Outlook and guidance

• Revenue and profit declines attributed to ongoing industry adjustment and slower-than-expected demand recovery.

• Increased inputs and expenses were made in response to market changes.